India joins First Movers Coalition

Highlights:

• India recently joined a global public-private partnership initiative called the First Movers Coalition.
• The initiative was launched by President of the USA Joe Biden and the World Economic Forum (WEF) at COP26.
• It was joined by 50 new corporate members with a collective market capitalization of USD 8.5 trillion
• The First Movers Coalition aims to decarbonize the most carbon-intensive sectors such as the heavy industry and long-distance transport sectors, which are responsible for 30% of global emissions.
• It is expected that emissions from these sectors will increase to around 50% by mid-century unless urgent actions are taken on clean technology innovation.
• The targeted sectors of the First Movers Coalition include aluminum, aviation, chemicals, concrete, shipping, steel, and trucking.
• Apart from India, Denmark, Italy, Japan, Norway, Singapore, Sweden, and the UK joined the First Movers Coalition as government partners.
• India, Japan, and Sweden also joined the steering board of the First Movers Coalition.
• The member countries pledged to create early markets for clean technologies through appropriate policies and engagements with the private sector.
• They also committed to purchasing a certain percentage from suppliers using zero-carbon solutions, even at a premium cost.